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St. Vincent's Gets Another $6 Million Infusion from Albany, Private Sources

By Test Reporter | March 2, 2010 8:35am | Updated on March 2, 2010 8:29am
The health care bill may mean increased revenue for New York City Hospitals.
The health care bill may mean increased revenue for New York City Hospitals.
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Flickr/Cresny

By Olivia Scheck

DNAinfo Reporter/Producer

MANHATTAN – St. Vincent’s Hospital will remain open, for the moment, thanks to a $6 million cash infusion from the State Assembly, GE Capital and TD Bank.

While the $6 million, announced by Gov. David Paterson on Monday, will provide temporary relief, a task force has been charged with finding a long-term solution for the hospital’s $700 million deficit.

The Assembly committed $1 million, while the private sources provided $5 million, according to a statement from Paterson's office.

The task force has not met since Feb. 17, according to NY1.

Hospital workers and local residents rallied outside St. Vincent’s yesterday, where a 10 percent pay cut for union employees and a 25 percent salary cut for non-union staff has not been enough to solve the hospital’s financial woes.

Gov. Paterson announced $6 million for St. Vincent's Hospital.
Gov. Paterson announced $6 million for St. Vincent's Hospital.
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Flickr/Cresny

Nurses joined Monday to pray for a solution to the hospital's woes.

So far 300 union workers have been let go.

As one hospital employee told NY1, "It's sad what's going on. But the real issue is the impact it's going to have on the community."

GE Capital has already loaned over $300 million to St. Vincent's, according to Darren Alcus, President GE Capital Healthcare Financial Services.